Azernews.Az

By Aynur Jafarova

Azerbaijan has extracted 10.56 million tons of oil in the first quarter of 2014.

The figure is 255,000 tons more than the same period in 2013.

This news was announced by Azerbaijan's Energy Minister Natig Aliyev at a meeting of the Cabinet of Ministers on the results of the country's socio-economic development in the first quarter of 2014 and future tasks.

The meeting was chaired by Azerbaijani President Ilham Aliyev.

The energy minister noted Azerbaijan extracted 7.68 billion cubic meters of gas in the first three months of 2014, 557 million cubic meters more than the same period last year.

Azerbaijan extracted 43.1 million tons of oil and gas condensate in 2013, equal to 42.98 million tons in 2012. The country also produced 17.9 billion cubic meters of market gas which amounted to 17.24 billion cubic meters in 2012.

Aliyev also announced Azerbaijan commissioned the new West Chirag platform in the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea on January 29, 2014.

He added the ACG field produced about 7.91 million tons of oil in the first quarter of 2014; the amount was predicted at 7.69 million tons.

Aliyev went on to note that Azerbaijan's energy system capacity should exceed 10,000 megawatts in the near future to increase the electricity generated by power stations per capita up to the level of developed countries.

"It is necessary to attract investments worth four billion manats in this sphere to achieve this index," he said. "As a result, the volume of electricity generated per capita in the country will reach the index in developed European countries and exceed 3,600 kilowatt / hours."

Azerbaijan's power generation capacity has increased by 30 percent in the past five years. The index has currently hit 7,105 megawatts, which allows an annual generation of about 24 billion kilowatt hours of electricity. Therefore, it is possible to export 2.1 billion kilowatt hours of electricity every year.

"From this point of view, it is important to ensure the export of electricity to Europe, Russia, and Iran," he said.

Aliyev particularly stressed the work carried out within the Azerbaijan-Georgia- Turkey Energy Bridge project, which will create an opportunity to ensure electricity flow to Western Europe at 350 MW in 2014, and 700 MW in 2015.